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Financial News: Lithuania Q2 GDP Contracts More Than Estimated

Lithuania Q2 GDP Contracts More Than Estimated

08/31/2022 - 10:41:00 (RTTNews)

(RTTNews) - Lithuania's economy contracted more than initially estimated in the June quarter, latest data from Statistics Lithuania showed on Friday.

Gross domestic product shrank a seasonally and working-day-adjusted 0.5 percent sequentially in the second quarter, reversing a 1.2 percent rise in the first quarter.

The second quarter figure was revised from a 0.4 percent fall reported initially on July 29.

Further, the economy contracted for the first time since the second quarter of 2020, data said.

On the expenditure side, final consumption expenditure of households fell 2.4 percent compared to the previous quarter, and gross fixed capital formation slid by 1.5 percent.

Meanwhile, government final consumption registered an increase of 0.4 percent. Both exports and imports fell by 4.8 percent and 3.9 percent, respectively.

In the first half of the year, real GDP grew 3.5 percent from the same period last year, which was revised down from 3.6 percent.

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